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ILS Under Pressure as BOI Looks to Create 'Vol Shock' to Reverse CTA Positioning

  • USD/ILS on the charge again today, trading above 3.20 (up 1.73% on the day) following signs of FX intervention from the BOI.
  • Spot running into dynamic resistance from 50dma at 3.2644, 100dma at 3.3354, 200 at 3.40 (in line with major multi-year support).
  • Large sum indicated by the BOI ($30bn) should help, provided buying is aggressive, not passive - creating a vol shock.
  • Sell side says the net result will be a flip in CTA fort USD positioning & USD/ILS will start to rise on its own.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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